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Music Stocks Have Biggest One-Week Loss in Nine Months
Music stocks suffered their biggest one-week decline in nearly a year as inflation fears gripped the markets ahead of quarterly earnings reports.
Combined with rising oil prices and weaker-than-expected earnings from banking giants JPMorganChase and Wells Fargo, there wasn’t much good news for investors. In March, Forbes reported that iHeartMedia had paid ad revenue from Sen. Ted Cruz’s podcast, Verdict, to his political action committee (PAC). On Monday, after Seaport Global downgraded Sphere Entertainment to neutral from a buy rating on growth concerns, the company’s share price dropped 3.8% to $45.00.
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